Need to trace absent Freeholder to sell?
2 years ago | 4 comments
Forced maintenance charge by my freeholder?
12:01 AM, 28th June 2024, 2 years ago
13
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Hi, I have a top floor 1 bed flat in a Victorian house converted into 8 flats.
The freeholders who have issued to me all the correct section paperwork, obtained quotes for the rear garden (totally run down, overlooked and rarely used due to poor access) to be cleared and paved and for a new roof (which is old and has some slight damp patches)
The total bill per flat is £9,500 and I do not have this sort of money! The freeholders are now threatening to sue me for non-payment, claiming I am in breach of contract – can they do this and can I get help to pay?
With low return due to high mortgage costs and a period of no tenants I made little last year and nothing this year on the flat. Other landlords are now blaming me for delays in the work!
Any advise greatly appreciated.
Jonathan
Tags:
assistance with repair costs., financial help for repairs, financial strain property owners, freeholders sue non-payment, high mortgage costs, landlord financial assistance, landlord repair responsibilities, legal action freeholders, legal advice for landlords, legal rights for landlords, neglected garden repair, property maintenance costs, property maintenance legalities, property management challenges, property repair disputes, repair bill dispute, roof repair costs, tenant vacancy issues, Victorian house flat
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Member Since January 2020 - Comments: 559
11:12 AM, 30th June 2024, About 2 years ago
Reply to the comment left by Tom Jenkin at 29/06/2024 – 16:00
I can’t answer for the OP, but where we manage blocks we always set up a sinking fund. It enables us to do repairs without worrying about cash and adds value to the flats when they are sold.
Unfortunately, with current cash pressures on people, many dislike a monthly service charge that includes a sinking fund. This is particularly a problem for landlords who may be tight on profit.
Bear in mind, though, that having a sinking fund does not absolve the freeholder form having to use s20 when required.
Member Since March 2023 - Comments: 15
8:04 PM, 30th June 2024, About 2 years ago
Hi
Best is to do a RTM and take away the management from the freeholder. So you can do the works your self and save alot..
Member Since October 2022 - Comments: 403
7:43 AM, 1st July 2024, About 2 years ago
RTM or RMC the obligations in the lease must by law be still complied with and also director obligations under the Articles as company registered at Companies House as limited liability to protect the property held in trust and comply with Companies Act Trust Law and HMRC